Stelmine Canada Ltd. announces the closing of its $1,365,000 initial public offering

About this update from Stellar Africagold, Inc.

[{"type":"text","content":"\n\n\n\nLAVAL, QC, Jan. 2 /CNW/ - Stelmine Canada Ltd. ("Stelmine" or the\n"Corporation") announces the closing of its initial public offering for the\ndistribution of 1,050 series A Units ("A Units") and 300 series B Units\n("B Units") for gross proceeds of $1,365,000.\n\n\nThe net proceeds of the offering will be used to complete exploration\nwork on the Opinaca property and for working capital purposes.\n\n\nThe offering was made through Canaccord Capital Corporation ("Canaccord")\nunder an agency agreement. In consideration of the services performed by\nCanaccord, the Corporation paid to Canaccord a commission equal to 10% of the\ngross proceeds of the financing. Canaccord also received, as additional\ncompensation: (i) non transferable broker warrants allowing it to acquire a\nnumber of common shares of the Corporation equal to 10% of the number of the\ncommon shares of the Corporation subscribed as part of the distribution of the\nA and B units, that is, 546,000 common shares, which may be exercised until\nDecember 31, 2009, at a price of $0.20 per share and (ii) 300,000 common\nshares of the Corporation.\n\n\nStelmine obtained from the TSX Venture Exchange (the "Exchange") a\nconditional approval to list its common shares for trading. The final approval\nis conditional upon Stelmine meeting with all the Exchange's requirements. It\nis anticipated that the common shares of Stelmine will be listed and posted\nfor trading on the Exchange in January 2008 under the symbol "STH".\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor accuracy of this press release.\n\n\n%SEDAR: 00007510EF\n\n\n","length":1773,"tagName":"div"}]

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